Median price of Riverside County homes down, but not by much

A ranch-style home in California. By BrendelSignature at en.wikipedia [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia CommonsThe median price of a single-family home in Riverside County dropped slightly last month, while sales of existing homes edged up, the California Association of Realtors reported Monday.

The median home price countywide in February was $396,250, compared to $397,250 in January, according to CAR.

On a year-over-year level, the price was about 8 percent higher; in February 2017, the median price of an existing single-family dwelling was $367,250, according to CAR data.

Statewide, the median price last month was $522,440, compared to $527,780 in January — down 1 percent. In February 2018, the median price was $480,270, reflecting a year-over-year gain of 8.8 percent.

The median represents the point at which half of homes sell above a price, and the other half below it.

Last month, home sales countywide increased roughly 2 percent, and they were up 8 percent year-to-year, according to CAR.

The association’s Unsold Inventory Index for February indicated that the median time a property was on the market before it sold in California was 26 days. In Riverside County, it was 35 days.

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The average price per square foot for an existing single-family home in California last month was $265 — $8 more than in January and $21 more than a year ago.

–City News Service

Median price of Riverside County homes down, but not by much was last modified: March 19th, 2018 by Christina Kelley